I ran 6lbs. with 155 in tank pump, fmu, msd boost retard, adj. fuel pressure reg. Full exhaust on a lowered '91 GT vert with an automatic on 17" BFG comp t/a ZR tires. Can ran a 13.2 @104 all day long. Absolutely nothing done to the engine. That was with a Powerdyne!
My 93 GT, 5spd, Powerdyne 7lbs (9lb kit), FMU, stock fuel pump, exhaust, with 3.27 gears 12.77@111 with a 1.9 60ft.
Stock regulator is fine, no real need for an adjustable one unless you are trying to run 30lbers or something without an FMU and have to crank the FP.
Ive never used a BTM, you are better off saving money and getting a chip really to set timing that way.
If $$ is tight..
12:1 FMU, 255 fuel pump (GSS 342 I think is the correct one), 1 heat ranger cold plugs gapped .028-.035, 9-10* timing initial with 93 pump gas.
If you have the $$...42lbers, larger MAF (LMAF 90mm, etc.), and a custom burned chip.
A wideband would be a good investment! They are $200-400 depending what one you get. I'd get one with datalogging ability though.